Tempe cul-de-sac REO home for $159,500

Someone could be very happy with this recently listed REO foreclosure home in Tempe zip code 85283 (south of Baseline and east of I-10):

• built in 1978 with 1,416 sq ft
• 3 bedrooms, 2 bathrooms, 2 car garage
• 8,843 sq ft cul-de-sac lot

Here is the history:

• previously bought on 9/1/06 for $240,000
• became a Countrywide REO (real estate owned) and reverted back the the V.A. on 4/9/08 for $189,480 when no one would enter a bid at the trustee's sale
• listed for $159,500 in the MLS as a REO on 7/8/2008

The bid deadline is 7/18/2008 for this foreclosure and the house will go to the highest net offer. So what does the house need? I would say the house would be very livable with:

1. paint
2. carpet
3. blinds

There appears to be no serious issues with the house. The roof is decent, though the AC unit is original (get a home warranty).